Find the best ways to transfer money to Madagascar

Pay attention to MGA exchange rates, as it determines how much MGA your recipient will receive.

For instance, today’s average USD to MGA rate is 4,690.6245 but the highest rate over the past 3 months was 4,654.595 MGA/USD.

Your aim is to transfer when MGA reaches a higher value so waiting a few days could result in a better rate, hence more MGA received.

For urgent Malagasy ariary transfers, we recommend Wise. It consistently provided the best MGA rates over the past six months.

How you fund your transfer affects the cost, speed, and the amount of Malagasy ariary the recipient will receive.

The cheapest way to fund your transfer to Madagascar is with a Bank transfer via Revolut, which is 1% cheaper than the next cheapest service.

Based on our six-month analysis of a $2,000 transfer from to Madagascar, here are the top options:

• Revolut (bank transfer): Costs $0 + 0.13% markup on top of the MGA mid-market rate.

• Wise (debit card): Costs $12.93 + 0.21% markup.

• Xe (credit card): Costs $1.5 + 2.54% markup.

Bank transfer is the most expensive deposit method for Malagasy ariary transfers, so we recommend avoiding it to maximize the amount of MGA received.

Credit card transfers may result in cash advance fees and higher interest rates when sending money to Madagascar.

For instance, Wise charges $5.66 for credit card deposits, while Revolut charges $0 for bank transfers.

Avoid sending MGA over the SWIFT network, as it's slower and more expensive. Instead, consider cheaper options like ACH or account balance for MGA transfers.

Money transfer companies often have minimum and maximum limits on how much MGA you can transfer.

The amount of MGA you send can impact the fees and exchange rate. Some services such as Wise may offer a better exchange rate for large MGA transfers.

There may also be government-imposed restrictions, commercial limitations, and other factors that may affect how much MGA you can send.

To ensure your money transfer to Madagascar goes smoothly, especially if moving large amounts of Malagasy ariary, use our comparison tool to find the service that best fits your needs.

The speed of sending Malagasy ariary to Madagascar depends on factors like the amount of MGA sent, the chosen deposit and withdrawal methods, and when you send MGA.

As a rule of thumb, faster transfers come with higher fees.

Let’s imagine you want to transfer 2,000 USD to Madagascar, here are your options:

• For the fastest transfers, use Paysend - Out of 13 companies serving Madagascar, Paysend appeared 6 times in our searches as the fastest service in the past 6 months.

• For bank and card deposits, use Xe - Xe provides fast and affordable MGA transfers, with fees around $0 for bank account deposits and $14.76 for debit/prepaid card deposits, with a small 4.75% markup on the ‘real’ MGA exchange rate.

• For credit card transfers, use Xe - Xe charges $1.5 for credit card transfers to Madagascar with 2.54% markup. However, beware of potential cash advance fees and higher interest rates from your credit card company.

• For urgent transfers, use cash transfer services - If you need Malagasy ariary to be delivered urgently, services like Western Union, MoneyGram, or Ria Money will have it ready within minutes for collection in Madagascar.

Avoid using the SWIFT network for MGA transfers, as intermediary banks slow the process. Instead, opt for faster and more cost-effective alternatives discussed above.

For MGA transfers, you have the following options:

1. Money transfer company - You can transfer money online using an FX broker (managed service) or a self-managed online company like Wise. Based on our 6-month analysis, Wise ranked as the top provider for sending money to Madagascar, appearing in 12 comparisons involving MGA.

2. Mobile apps and digital wallets - Many services available in Madagascar offer mobile apps, often giving transfer offers on MGA rates.

3. Cash transfers - You can send cash to Madagascar through services like Ria Money, MoneyGram, or Western Union. Cash transfers are typically instant, but the recipient must visit a local agent in Madagascar to collect the Malagasy ariary.

4. Wire transfers - While you can wire money to Madagascar through your bank, we advise against it. Banks can charge up to $60 per transfer to Madagascar and add 5% - 6% to the MGA exchange rate. Instead, use bank transfer to deposit money to Wise and send MGA from there.

There are several ways to receive money in Madagascar, and choosing the right one will help the recipient get the most MGA. Mainly, these are:

• Deposit to bank account - For direct bank deposits in Madagascar, we recommend Revolut, which appeared in 71.4% of MGA searches as the cheapest option for bank transfers. MGA will arrive directly to the recipient's bank account in Madagascar.

• Deposit to digital or mobile wallet - MGA can be sent directly to digital wallets like PayPal, though this option often has more limitations and higher costs compared to services like Revolut. Recipients in Madagascar will need to transfer it to their account, which may incur more fees.

• Cash pickup or home delivery - If the recipient needs MGA urgently or doesn't have access to a bank account in Madagascar, cash pickup or door-to-door delivery is a good alternative. Be sure to check if these services are available in Madagascar. This will require the recipient to visit a nearby agent in Madagascar.

When making large MGA transfers or sending Malagasy ariary for cash pickup, the recipient may need the following:

• Government-Issued ID: This can be a non-expired and valid passport, driver’s license, or national ID of Madagascar.

• Sender’s Details: Full name, address, and other personal information.

• Transfer Details: The amount being received in MGA.

• Transfer number: This is given at the time of transfer.

• SWIFT Code / IBAN: This may be required for bank transfers to Madagascar from some countries.

*The exact documents may vary depending on the transfer method and service used.

For bank accounts, debit cards, or wallet deposits, the recipient typically doesn’t need to do anything. Malagasy ariary will arrive without their involvement.

For larger transfers, companies may request additional documents like proof of funds and address verification in compliance with Anti-Money Laundering policies.

We recommend using Wise for transferring large amounts of Malagasy ariary.

There may be tax implications and government-imposed limits on Malagasy ariary transfers.

Some Malagasy ariary transfers may be subject to gift tax, commercial tax, and other types of taxes.

Even if no immediate taxes or limits apply, larger MGA transfers may need to be reported to tax authorities in Madagascar or your home country.

To be fully safe, we strongly recommend consulting with a tax professional in either Madagascar or your home country to ensure compliance with relevant regulations and tax laws.